NZD/USD seesaws near seven-week high on Ukraine-linked risk-aversion, 0.6890-95 in focus By anilpanchal7 NZDUSD RiskAppetite Ukraine Currencies CentralBanks
The Kiwi pair’s latest gains could be linked to the increasing price pressure and the Reserve Bank of New Zealand’s hawkish performance. On the contrary, the market’s rush to theWhile observing major central banks, the Fed and the RBNZ are the only two that are clearer in their future moves and have more hawkish signals to spread than any other counterparts, which in turn keeps the NZD/USD bulls hopeful.
Elsewhere, the evacuation of Ukrainian civilians is jittery during the weekend as Russian forces kept marching towards Kyiv. Recently, the Moscow-led militaries blew an airport in central Ukraine while Friday’s threat over nuclear facilities was the biggest. The West tries to tame Moscow’s moves with more sanctions with the latest discussions on banning energy imports.
It’s worth noting that Friday’s upbeat US jobs report for February and comments favoring future rate increases by the Fed, from Chicago Amid these plays, Wall Street closed in the red and the US 10-year Treasury yields also posted the biggest weekly loss since mid-2020. Looking forward, this week’s US inflation data will be crucial to watch amid a light calendar and silent period for the Fed speakers. Above all, headlines concerning Russia and Ukraine will be crucial.Despite posting the biggest weekly gains since October, NZD/USD retreated from the 0.6890-95 key resistance zone comprising multiple highs marked since November 25, 2021, as well as an upward sloping trend line from early February. However, the 100-DMA level around 0.6840 defends the bulls.
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